Cryptocurrency prices' rally continues as dogecoin surges 17%; Bitcoin above $20,000

Bitcoin gained for a second day, spurring optimism among the almost always bullish advocates of the bellwether cryptocurrency for an end to the months-long decline known as crypto winter. The world’s largest and most popular digital token Bitcoin was trading more than 2% higher at $20,780. 

Bitcoin broke above $20,000 for the first time in more than two weeks on Tuesday, ending its longest run below that price level since the token first breached the threshold in late 2020.

The global crypto market cap today bounced back above the $1 trillion mark, as it was up more than 3% in the last 24 hours at $1.05 trillion, as per CoinGecko.

On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, also surged by more than 5% to $1,565. Meanwhile, dogecoin price today was trading over 17% higher at $0.07 whereas Shiba Inu was also about 7% up to $0.000011.

“BTC spiked above USD 20,700 after three weeks of stagnation. It was successfully resisting the USD 19,000 support level over this timeframe. Ethereum was also going through a similar scenario by continuously testing the USD 1,300 support level during the past month. Currently, ETH reached above the USD 1,550 price level. Toncoin and Dogecoin are among the smaller altcoins that experience double-digit gains — 16% and 10%, respectively. Crypto maximalists are optimistic that the crypto winter is going to end soon,” said Edul Patel, CEO and Co-founder, Mudrex.

Other crypto prices’ today performance also improved as Avalanche, Binance USD, Chainlink, Tether, ApeCoin, Solana (up 10%), Cardano (up 10%), Polygon, XRP, Terra, Stellar, Uniswap, Tron, Litecoin, Polkadot prices were trading with gains over the last 24 hours.

Bitcoin has traded in near lockstep with risk assets in the past couple of years, as pandemic-era stimulus flooded the global economy, and then as central banks like the Federal Reserve hiked rates to combat worsening inflation. After surging to an all-time high of almost $69,000 in November last year, Bitcoin’s price has been trading in a narrow range of around $20,000 since June this year.

(With inputs from agencies)

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